Ok, should the average guy go with a health savings account type of health insurance?

Question

What is one to do for health insurance out there by yourself?

Answer 1

HSA can be really good if you're healthy, & don't use your medical insurance often. Depending on how much, (if any) your employer contributes to your account.

Answer 2

An HSA can be a great plan for families. Sometimes the HSA is not that great of a deal for the single person.

You should talk to a health insurance broker who can help you sort through the options for your specific situation.

Try using yellowpages.com to search for health insurance brokers in your area.

Don't call your auto and home agent they specialise in property and causality insurance. You need someone that specialises in health insurance.

A Broker represents multiple carriers and can different insurance companies and plan options in your state.

Answer 3

An HSA can be a great plan for both individuals and families.

With an HSA you get an above the line tax deduction for every dollar you put into the HSA up to certain IRS limits. So as a single person you can contribute $2,850 into your HSA and if you are in the 15% tax bracket then you have just saved yourself $427.50 ($2,850*15%) for the year.

The money in the HSA grows tax free and it comes out tax free as long as you use if for medical expenses (or if you are over age 65 then you can use it for any reason).  

The money in the HSA rolls over from year to year so after a year or so of saving then you will easily have enough money to pay your entire deductible if something major should ever happen.

Also, remember that the high deductible plans that are designed to be paired with an HSA are extremely cheap but still offer the comprehensive care in case you get hit with a big medical bill.

Here is some further information on Health Savings Accounts: